138: Financial Blunders to Financial Buff: How Farnoosh Torabi's Money History Grew Her Career

BiggerPockets Money Podcast

BiggerPockets

Investing, Education, Business

4.6 • 2.9K Ratings

🗓️ 17 August 2020

⏱️ 83 minutes

🔗️ Recording | iTunes | RSS

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Summary

Farnoosh Torabi grew up talking about money. Her parents are from the Middle East, and in her culture, they “never miss a moment to talk about money.” As the go-to girl for finance advice among her friends, imagine her surprise when she sat down and looked at her financial situation to discover tens of thousands of dollars in credit card debt! Farnoosh realized that paying for everything with a card, then paying the minimum balances didn’t lead to debt free life. Not wanting to continue a life of debt - mainly so she wouldn’t have to tell her mom - she hustled during school. Taking class notes and selling them on her school’s notes system, babysitting, bird sitting, anything that would generate income so she could throw money at her debt and pay it off. Graduation took her to New York City and a stroke of luck found her a shared apartment with a married couple for $500 a month. Definitely less than she could find on her own. She started off making very little, and strategically increased her income to offset the fact that she “isn’t a good saver.” Farnoosh has parlayed her own financial knowledge into a career teaching others how to manage their own finances. From books, to podcasts, to television, Farnoosh is everywhere, educating this oh-so-important skill so that others can work toward their own financial freedom. In This Episode We Cover: Farnoosh's journey with money Where she learned about money Talking about her money behaviour How she got rid of her debt Her approach on accumulating her assets How real estate helped her Her advice on people who are in a relationship The leading cause of a divorce The right time for people who are just starting to date to talk about money What her asset allocation looks like And SO much more! Links from the Show BiggerPockets Money Facebook Group FinCon NextAdvisor with TIME | Smart Money Moves BiggerPockets Money Podcast 119 BiggerPockets Forums Learn more about your ad choices. Visit megaphone.fm/adchoices

Transcript

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0:00.0	Welcome to the Bigger Puck its Money Podcast, show number 138, where we interview Farnuosh to Robbie from So Money and really dive deep into her money story.
0:10.0	Star wherever you're at. I think you can get very easily overwhelmed with all of the things that you want to accomplish.
0:15.8	You get obsessed with the finish line.
0:18.0	And so that can create a lot of analysis paralysis. You can get overwhelmed and then you get stuck and then you don't move forward.
0:27.0	Hello, hello, hello. My name is Mindy Jensen and with me as always is my finally got a hair haircut's co-host Scott Trench.
0:34.4	Oh thanks for noticing it so that I can comb through money stories better with
0:38.3	with you on the show here today.
0:40.3	Scott and I are here to make financial independence less scary.
0:46.0	Less just for somebody else and show you that by following the proven steps,
0:50.0	you can put yourself on the road to early financial freedom and get money out of the way so you can lead your best life.
0:56.0	That's right. Whether you want to retire early and travel the world, go on to make big time investments and assets like real estate, start your own business, or just learn about another
1:04.7	fantastic money story will help you build a position capable of launching yourself towards those dreams.
1:19.0	Scott, I am so pumped to have Farnoosh on the show today. I first met her a hundred years ago in 2014 when she wrote this book called When She Makes More.
1:26.7	And I was just so impressed with her.
1:29.4	She's like, she's Farnoosh.
1:32.1	She's from, she contributes to Oprah magazine and she was on like
1:36.7	see and be like her list of things that she's done is longer than my arms and
1:41.4	this podcast is just so money.
1:44.0	So you're gonna really enjoy it.
1:45.4	It's gonna be fantastic.
1:48.6	You know, I really feel like this is a story about Farnush that nobody else has ever heard before.
1:55.8	She seemed to really just get excited about sharing all the little things that helped shape
	...

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